- The Petroleum Industry Bill(PIB) into law created an enabling environment for investments.
- The terminal would decongest Apapa terminal and increase energy security in the land.
President Muhammadu Buhari, during the commissioning of the $1billion Pinnacle Oil and Gas Limited’s Lekki Free Trade Zone Terminal, called for more investments in the oil and gas sector. He urged investors to take advantage of the government’s prospects, opportunities and gas initiatives to thrive. Furthermore, he added that passing the Petroleum Industry Bill(PIB) into law had created an enabling environment for investments.
Commending Pinnacle Oil and Gas for the investment, Buhari said the company has benefited from his administration’s initiatives to provide a new lease of life for investors in the country’s oil and gas sector. In addition, he emphasised his administration’s commitment to promoting energy security and bridging infrastructure gaps in the oil and gas industry. He expressed optimism that the new terminal would open the country’s economy through job creation and value addition to the Gross Domestic Product (GDP).
The Lagos state governor, Babajide Sanwo Olu, described the launch of Pinnacle Oil and Gas Limited’s terminal as an audacious and strategic plan to revolutionise Nigeria’s downstream oil and gas industry. He said that the launch of the terminal would decongest Apapa terminal and increase energy security in the land. Furthermore, he called for more investors to take advantage of the Lekki Free Trade Zone, adding that his administration is creating the needed environment to make the zone friendly for investment in the country.
Also, the chief executive officer of Nigerian National Petroleum Limited(NNPCL), Mallam Mele Kyari, stated that Pinnacle Oil and Gas Limited’s terminal is currently Nigeria’s largest exit point for petroleum products and is easing delivery of petroleum products into many parts of the country. Dr Peter Mbah, The group CEO of Pinnacle Oil & Gas, added that Pinnacle is driven by its mantra of being a company driven by innovation. He said, “We have always believed that the role of business in the community is always to seek ways to make things better for the community. In line with this, in 2011, we started working on a concept to solve this problem, resulting in the ultramodern facility we’re commissioning today”.